I want to get a rent to own home, but I don't know how it works and have a lot of questions. Who should I contact?

Asked by Kate, Wausau, WI Mon May 26, 2014

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Debra (Debbi…, Agent, Livingston, NJ
Mon May 26, 2014
There are very few, if any, "rent to own" homes from which to choose, as most sellers who want to sell, and CAN (afford to) sell, sell now, not later.............

If you think rent to own means you simply pay rent, and then if you decide to buy the home ALL your rent will go towards the sale...............think again..........that's not how it works.

You will be expected to give an upfront deposit...plus pay rent over and above the normal rent.............only that overage would be applied to the sale (if the bank will allow it)............if you do not buy the home for ANY reason, you lose all that money.

If the seller falls behind on HIS mortgage payments, you also stand to lose money.
If you're late for a payment, you might lose your money.

I suggest you rent while working on whatever it may be in order to buy a home in the normal manner.

Best wishes............
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Mon May 26, 2014
They don't work and are a rip-off to buyers. A seller can come out better by finding renters to offer the deposit and pay extra rent each month and then when the buyer can't get a loan to buy the house they default and lose the deposit and the seller finds the next sucker -- I mean renter.

AVOID them.
1 vote
Scott Godzyk, Agent, Manchester, NH
Sat Sep 20, 2014
Rent to own is only good when you have good credit but need 1 year or less to save the down payment and closing costs. It is NOT good for people with bad credit or that can not close in 1 year or less. Sellers do not need to lease as many finally owe less their house is worth and can now sell it,. Most lease purchases are not in any way good for the tenant
0 votes
Matt Stoltzf…, Both Buyer And Seller, Marshfield, WI
Sat Sep 20, 2014
Rent to own is a good option in this market. Banks are not lending to people with good jobs and decent credit due to their own ( the banks) mistakes in the past.
Rent to own is a win win scenario for the seller and the buyer in a lot of cases due to job relocation or health issues.
Realtors discourage it because it takes away their job and also because they are not willing to educate themselves about the process and be willing to connect desperate sellers with decent buyers.
Call me with any questions or concerns. I know the real players in the area.

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